Monthly Payment on a $350K Mortgage in Colorado
Using Colorado's 0.51% property tax rate and $3,200/yr homeowners insurance.
$350K Mortgage in Colorado: Rate Comparison
Monthly PITI payment using Colorado's 0.51% property tax and $3,200/yr insurance.
| Rate | 5% Down | 10% Down | 20% Down |
|---|---|---|---|
| 5.5% | $2,497 | $2,388 | $2,005 |
| 6.0% | $2,603 | $2,488 | $2,094 |
| 6.5% | $2,711 | $2,590 | $2,185 |
| 7.0% | $2,822 | $2,695 | $2,278 |
| 7.5% | $2,934 | $2,802 | $2,373 |
| 8.0% | $3,049 | $2,911 | $2,470 |
How This Compares to Colorado's Median
A $350K home is 33% below Colorado's median of $520K. You'll find homes at this price in cities like Canon City, Pueblo.
Income Needed for a $350K Home in Colorado
To afford this payment of $2,590/mo in Colorado, you'd need a household income of approximately $111K/year (28% rule). That's the standard guideline lenders use to determine what you can comfortably spend on housing.
See what a $110K salary can afford →Closing Costs in Colorado
Estimated closing costs in Colorado: $5K (1.4% of purchase price). Colorado also charges a 0.01% transfer tax, which may add $35 to your transaction costs.
What to Know About a $350K Mortgage in Colorado
Homeowners insurance in Colorado runs $3,200/yr, adding $267/mo to your payment. This is well above the national average due to weather-related risks in the region. Shopping for competitive insurance quotes can help offset this cost.
With 10% down ($35,000), your loan of $315,000 at 6.5% over 30 years produces a principal and interest payment of $1,991/mo. Adding Colorado's 0.51% property tax ($149/mo) and $3,200/yr insurance ($267/mo) brings your total to $2,590/mo. Because you're putting less than 20% down, PMI adds $184/mo until you reach 20% equity.
Over the full 30-year term, you'll pay approximately $401,765 in total interest. Even a small rate reduction makes a big difference — dropping from 7.0% to 6.5% on this loan saves about $37,688 over the life of the loan.